Loss arising out of Foreign Currency Term Loan as Capital Loss, Depreciation allowed on Cost of Asset including Forex: ITAT [Read Order]

foreign currency - capital loss - depreciation - asset - forex - ITAT - Taxscan

Loss arising out of foreign currency term loan as a capital loss, Chennai bench of Income Tax Appellate Tribunal (ITAT) allowed depreciation on the cost of assets including forex. The assessee claimed loss on foreign currency transactions to the extent of Rs.81,66,986/- and claimed the same as revenue expenditure like financial cost. The assessee challenged…

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